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Georgia Residential Mortgage Act Amended to Address Employing Felons

Governor Brian Kemp signed SB 470 into law on May 2, 2022 (the Effective Date), amending the provisions of the Georgia Residential Mortgage Act, O.C.G.A. §§ 7-1-1000 et seq., that prohibited a Georgia mortgage lender or...more

DFPI releases notice addressing processing delays for debt collection license applications

In an announcement to its subscribers sent electronically on May 23, 2022, the California Department of Financial Protection and Innovation (“DFPI”) notified applicants – and prospective applicants – for a license under...more

Connecticut Banking Dept. issues cease and desist order to stop fintech loan finder from operating without small loan license

The Connecticut Department of Banking (“Department”) has issued a temporary cease and desist order (“Order”) that directs SoLo Funds, Inc., (“SoLo”) a fintech company that uses peer-to-peer technology to assist consumers in...more

CFPB announces plans to supervise more nonbanks

The CFPB has announced that it plans to invoke its “dormant authority” to supervise nonbanks engaged in conduct that poses risk to consumers. In conjunction with the announcement, the CFPB issued a procedural rule concerning...more

Utah and Virginia enact registration and disclosure requirements for providers of merchant cash advances

Utah and Virginia recently became the first two states to require the registration of providers of merchant cash advances.  The new laws also include disclosure requirements.  (Although laws requiring disclosures for merchant...more

Kentucky enacts licensing requirement for servicers of private and federal student loans

Kentucky recently enacted HB 494, titled the “Student Education Loan Servicing, Licensing, and Protection Act of 2022,” which will require student education loan servicers to be licensed in Kentucky.  The Act applies to...more

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